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<!DOCTYPE html>
<html>
<head>
<meta http-equiv="Content-Type" content="text/html; charset=utf-8" />
<meta http-equiv="X-UA-Compatible" content="chrome=1,IE=edge" />
<title>VexGame</title>
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<div style="display:none" aria-hidden=true>
<div>ToC</div>
<div>Begin
</div>
<div>Many of you are veterans of the crypto markets, having ridden BTC and ETH through multiple 10x ups and 90% downs.
You've invested in shitcoins that pumped and dumped, sometimes making a profit, sometimes getting rugged. Playing with memecoins was part of the game.
But over time, it becomes clear that, aside from BTC and ETH, most coins lack a real use case that generates enough value to drive their economics.
They're all just shitcoins and memecoins.
You're looking for something better.
Public equities?
They don't give the same rush. They're overpriced due to mutual funds, pension funds, and ETFs.
Most companies only go public when they're done growing, seeking exit liquidity instead of growth capital.
Startups are different.
They're volatile, risky, and information can be scarce. They often spend years on the razor's edge of glory and destruction. But the problem is, startup investments are monopolized by a small group of well-connected Silicon Valley insiders, the Venture Capitalists.
But we're smart.
We know how to hit the VCs where they are weak and take the alpha back!
At Vex, we target ex-employees and pre-series A angel investors, who are often over-allocated and desperate to sell.
We lead our groups through the Right of First Refusal (ROFR) process, providing these paper hands the liquidity they want while pressuring companies to take our glorious bandits onto their cap table.
They'll have to listen eventually because we can ROFR them over and over again with the same money until they fold.
Taking a ragtag band of traders against the mega-VCs isn't easy, but it sure is fun.
</div>
<div>Now, let's create your identity in this world.</div>
<div></div>
<div>Try another</div>
<div>Looks good</div>
<div>"First things first, every hero needs an identity. Here at Vex, you'll take on a new name and look, just like stepping into an RPG. Customize your cyberpunk avatar and name until you find the perfect fit. Once you're ready, let's continue."
</div>
<div>SPV2
“Tyrell Corporation"
</div>
<div>SPV3
“Universal
Exports"
</div>
<div>SPV4
“Wayne
Industries"
</div>
<div>SPV5
“Stark Industries"
</div>
<div>"Each auction lasts five business days. Your mission, should you choose to accept it, is to join forces with other investors to reach the $1 million goal. If we succeed, our brokerage will go forth to secure the shares. If not, your investment is automatically refunded."
</div>
<div>First Day</div>
<div> "Think of it as forming a guild for a high-stakes adventure. Use gaming terms like LFG (Looking For Group) to band together and conquer these quests. It's all about teamwork and strategy!"
</div>
<div>"Welcome to Neo-Vex City, where every day brings a new quest! Each of these holographic panels represents an ongoing auction. We're here to raise funds to acquire a piece of the most exciting startups hitting the headlines."</div>
<div>SPV1
“LexCorp"
</div>
<div>Last Day</div>
<div>Day Four</div>
<div>Day Three</div>
<div>Day Two</div>
<div>Rules & Regulations
</div>
<div>SPV1
“LexCorp"
</div>
<div>SPV5
“Stark
Industries"
</div>
<div>Please confirm that you are a Qualified Purchaser by checking the upcoming box. This is a real adventure with real money at stake, and it's important to go in with eyes wide open.</div>
<div>I am a Qualified Purchaser</div>
<div>SPV2
“Tyrell
Corporation"
</div>
<div>"Before we embark on our journey, a quick but crucial note: Investing in pre-IPO companies is not without risks. You must be a Qualified Purchaser (QP) to participate. This means you understand that there's a chance you could lose your entire investment."
</div>
<div>"Welcome to Neo-Vex City, where every day brings a new quest! Each of these holographic panels represents an ongoing auction. We're here to raise funds to acquire a piece of the most exciting startups hitting the headlines."</div>
<div>A Qualified Purchaser is an individual or entity that meets specific financial thresholds set by the Investment Company Act of 1940. This includes: 1. Individuals with over $5 million in investments.2. Family-owned businesses with over $5 million in investments.3. Trusts not formed for the specific purpose of the investment, with all contributors meeting the criteria.4. **Entities or individuals managing investments of at least $25 million.
Investments include stocks, bonds, commodities, and other securities (excluding primary residence).
</div>
<div>Now that you have identified yourself as a Qualified Purchaser, we will create an account at Vex Securities so that you can bid.
We will need a copy of your government ID with you address. If you are using a Passport as your primary ID, we will ask you to input the address information.
There are also a few required questions that allow us to perform Know Your Client/Anti-Money Laundering (KYC/AML) checks.
Your information will be reviewed by the principals of Vex Securities and, when accepted, you will be ready to start bidding on auctions.
</div>
<div>Onboarding
</div>
<div>Understand the Onboarding</div>
<div>SPV2</div>
<div>SPV1</div>
<div>The Auction
</div>
<div>SPV3</div>
<div>Let’s see the bidding process in detail
</div>
<div>SPV5</div>
<div>SPV4</div>
<div>The goal of the auction is to discover the price at which we can bid for 1% of the target company.
To keep things standardized, we will start each auction at $1 per unit for a minimum bid of 1000 units. The fund will be looking to fill out 1m units to launch the bid. If the bidding were to start at $1 that implies a market value for the company of $100m.
There will be two results to the auction:
1. Not enough interest. After 5 days, the auction did not attract the $1m in bids required. By extension, that means our customers were not interested in this one.
2. Bids amount to $1m or more. After 5 days, we will close the auction and start approaching sellers at the price determined by the auction.
</div>
<div>@ a
</div>
<div>X</div>
<div>You are bidding:
</div>
<div>$100m
</div>
<div>1,000</div>
<div>$1,000.00
</div>
<div>All bids are funded. In order to place a bid, you need to attach a Metamask or Phantom wallet with USDC on the Solana, Ethereum or Polygon network. This also allows for fast refunds.
</div>
<div>valuation
</div>
<div>
</div>
<div>For:
</div>
<div>Attach Wallet</div>
<div>Bidding starts at $1 which implies $100m company valuation. If successful, the minimum 1000 units will be equivalent to a 0.001% shareholding.
</div>
<div>Submit Bid</div>
<div>Bidding Ticket
</div>
<div>Units
</div>
<div>=
</div>
<div>0.001%
</div>
<div>Bid:</div>
<div>$1,000</div>
<div>of LexCorp
</div>
<div>$1.00</div>
<div>USDC
</div>
<div>10,000 @ $1.02</div>
<div>10,000 @ $1.03</div>
<div>2,000 @ $1.00</div>
<div>5,000 @ $1.01</div>
<div>Seems like we have a few early bidders participating. Since you think the $100m valuation might have been a bit low, you might want to get in at a higher level.
</div>
<div>5,000 @ $1.00</div>
<div>10,000 @ $1.00</div>
<div>$1.03</div>
<div>10,000 @ $1.01</div>
<div>20,000 @ $1.00</div>
<div>$1.04</div>
<div>$1.05</div>
<div>@
</div>
<div>LexCorp SPV
</div>
<div>0.000%</div>
<div>Time to up my bid</div>
<div>1,000 @ $1.00</div>
<div>$1.01</div>
<div>$1.02</div>
<div>10,000 @ $1.01
</div>
<div>0.001%</div>
<div>0.003%</div>
<div>0.008%</div>
<div>0.013%</div>
<div>0.023%</div>
<div>0.028%</div>
<div>0.033%</div>
<div>0.043%</div>
<div>0.053%</div>
<div>0.063%</div>
<div>0.068%</div>
<div>0.088%</div>
<div>0.093%</div>
<div>0.098%</div>
<div>0.118%</div>
<div>0.138%</div>
<div>0.158%</div>
<div>0.168%</div>
<div>0.178%</div>
<div>0.188%</div>
<div>0.198%</div>
<div>0.208%</div>
<div>0.218%</div>
<div>0.228%</div>
<div>0.238%</div>
<div>0.248%</div>
<div>0.258%</div>
<div>0.268%</div>
<div>Who are we: Vex Securities - FINRA regulated Broker Dealer
Vex Registry - SEC regulated Transfer Agent
Vex Capital - Exempt Private Fund Advisor
What do we do:
Vex Capital creates Special Purpose Vehicles (SPVs) to bid for 1% stakes of VC funded companies. Vex Registry is appointed to keep track of money and units. Vex Secuities is appointed to onboard clients, accept bids, and organize and price the auctions.
Where:
United States for regulations. Our targets? Where ever the VC funded companies are located.
Why Auctions:
Auctions determine our bid price. If the auction raises $1m or more, we will find sellers. If it does not, we will assume that there isn’t interest in the target company.
</div>
<div>OK, let’s move on to the good stuff
</div>
<div>Who? What? Where? Why?
</div>
<div>Now that you have attached your wallet, we are ready to submit our bid. You are the first but others may join. If there is enough interest (at least $1m), the SPV will go hunting.
</div>
<div>1,000 @ 1.00</div>
<div>Action</div>
<div>Day 1</div>
<div>You are currently bidding in two auctions, The first auction is on its last day. The second auction is the one we were just looking at. You have placed two bids and now you are looking to increase.</div>
<div>Current Auction Bids
</div>
<div>Add New Bid</div>
<div>Tyrell Corp SPV</div>
<div>Auction Name</div>
<div>LexCorp SPV</div>
<div>20,000 @ 2.35</div>
<div>During the LexCorp bidding, we noticed that others were starting to place bids above $1.00. You think the firm is worth around $200m. Let’s move one to $1.03 and the other to $1.05 for now.</div>
<div>5,000 @ 1.00</div>
<div>You can return to the auction page by clicking on either of these two links.</div>
<div>Closing Soon</div>
<div>Increase Bid</div>
<div>Bids</div>
<div>Status</div>
<div>But we are here to either increase a current bid or enter a new bid. Since bids are honored in price then time priority, you might have a preference of one action over the other.</div>
<div>$5,000.00
</div>
<div>0.005%
</div>
<div>Our bid is loaded up, ready to be upgraded. We can increase the bid price (which is a limit order) and/or the number of units. We will start by increasing our price from $1.00 to $1.03
</div>
<div>Cancel</div>
<div>$5,000</div>
<div>We are willing to bid up to $1.03 which implies a $103m valuation. Note that if the auction closes at $1.00, $1.01 or $1.02, that is the price we will pay and our wallet will be refunded.
</div>
<div>5,000</div>
<div>Since we have seen some of the other bids start to come in, we will also increase the number of units from 5,000 to 20,000. Units are allocated in price, then time priority.
</div>
<div>$5,050</div>
<div>$5,050.00
</div>
<div>$101m
</div>
<div>$5,100</div>
<div>$5,100.00
</div>
<div>$102m
</div>
<div>$5,150</div>
<div>$5,150.00
</div>
<div>$103m
</div>
<div>10,000</div>
<div>0.010%
</div>
<div>$10,300</div>
<div>$10,300.00
</div>
<div>15,000</div>
<div>0.015%
</div>
<div>$15,450</div>
<div>$15,450.00
</div>
<div>20,000</div>
<div>0.020%
</div>
<div>$20,600</div>
<div>$20,600.00
</div>
<div>Your wallet is attached. If you click “Submit Bid”, you will be debited 15,600 USDC which is the difference between this bid and the original.
</div>
<div>Back to My Bids</div>
<div>Since we are upping our bid and our amount, we need to redo our original bid, which will pull it out of the $1.00 stack and send it to the $1.03 stack.
</div>
<div>0.283%</div>
<div>20,000 @ $1.03</div>
<div>Let’s boost our 1,000 @ 1.00 to 10,000 @ 1.05.</div>
<div>20,000 @ 1.03</div>
<div>We will go a little quicker here. We will boost the bid to $1.05, implying a valuation of $105m for LexCorp. We will bump up the units to 10k.
</div>
<div>$1,050</div>
<div>$1,050.00
</div>
<div>$105m
</div>
<div>$10,500</div>
<div>$10,500.00
</div>
<div>Your wallet is attached. If you click “Submit Bid”, you will be debited 9,500 USDC which is the difference between this bid and the original.
</div>
<div>10,000 @ $1.05</div>
<div>0.292%</div>
<div>OK, we have updated our bids for LexCorp. Let’s go back to the auction to watch what happens next. Click the LexCorp SPV link.</div>
<div>10,000 @ 1.05</div>
<div>5,000 @ $1.00
</div>
<div>10,000 @ $1.05
</div>
<div>5,000 @ $1.04
</div>
<div>25,000 @ $1.01
</div>
<div>Notice: Tyrell Corp SPV auction just closed at $2.34. Please go to your My Bids page for further actions. Time to hunt for paper hands!
</div>
<div>20,000 @ $1.01
</div>
<div>10,000 @ $1.04</div>
<div>5,000 @ $1.02</div>
<div>10,000 @ $1.03
</div>
<div>10,000 @ $1.04
</div>
<div>0.302%</div>
<div>0.307%</div>
<div>0.312%</div>
<div>0.317%</div>
<div>0.327%</div>
<div>0.337%</div>
<div>0.347%</div>
<div>0.357%</div>
<div>0.367%</div>
<div>0.377%</div>
<div>0.387%</div>
<div>0.397%</div>
<div>0.407%</div>
<div>0.417%</div>
<div>0.422%</div>
<div>0.427%</div>
<div>0.452%</div>
<div>0.472%</div>
<div>Closed @ 2.34
</div>
<div>Refund
</div>
<div>200 USDC balance
</div>
<div>Day 2</div>
<div>10,000 @ 1.00</div>
<div>Since Tyrell Corp SPV closed at 2.34 and your bid was funded at 2.35, the $200 balance is ready to be refunded back to your wallet. Tap the Refund button.</div>
<div>We can come back to the wrap up and check out the progress at Vex Registry, where the units are getting registered in your name. Click the LexCorp SPV link.</div>
<div>@ Vex Registry
</div>
<div>You can find your position at Vex Registry LLC which has been appointed by Vex Capital LLC as the Transfer Agent. From there, you can see your units and any balances for current auctions.</div>
<div>We will go there later. You could also view the auction which will no longer be active but you can see how the bidding unfolded and go back into the history of the action.</div>
<div>20,000 @ $1.03
</div>
<div>As Day 3 starts, it looks like the auction will fill out soon. Notice that bids at $1.00 have dried up. You actually have a bid at $1.00 that is close to the top of that stack (yellow).
</div>
<div>20,000 @ $1.01
</div>
<div>20,000 @ $1.02
</div>
<div>20,000 @ $1.04
</div>
<div>20,000 @ $1.05
</div>
<div>20,000 @ $1.02
</div>
<div>On Day 2, you will notice that despite all the bids at higher levels, the clearing price of this auction is still $1.00, implying a valuation of $100m for LexCorp.
</div>
<div>20,000 @ $1.05
</div>
<div>20,000 @ $1.03
</div>
<div>20,000 @ $1.04
</div>
<div>10,000 @ $1.01
</div>
<div>3,000 @ $1.01
</div>
<div>15,000 @ $1.03
</div>
<div>We are just over halfway for a successful auction. Then we can go out to buy 1% of LexCorp. If we do not get all the way, the auction will fail on the 5th day and bids will be refunded.
</div>
<div>That last bid knocked out half your bid of 10,000 units at $1.00. If the auction were called right now, you would be “on the line” and allocated 5,000 units on this bid.
</div>
<div>10,000 @ $1.02
</div>
<div>0.492%</div>
<div>0.512%</div>
<div>0.532%</div>
<div>0.552%</div>
<div>0.557%</div>
<div>0.562%</div>
<div>0.565%</div>
<div>0.575%</div>
<div>0.585%</div>
<div>0.595%</div>
<div>0.615%</div>
<div>0.635%</div>
<div>0.655%</div>
<div>0.675%</div>
<div>0.695%</div>
<div>0.715%</div>
<div>0.735%</div>
<div>0.755%</div>
<div>0.775%</div>
<div>0.795%</div>
<div>0.815%</div>
<div>0.835%</div>
<div>0.855%</div>
<div>0.875%</div>
<div>0.895%</div>
<div>0.915%</div>
<div>0.935%</div>
<div>0.955%</div>
<div>0.975%</div>
<div>0.995%</div>
<div>1.000%</div>
<div>If the bidding continues, the third bid will soon be completely out of the running. You can let the bid lapse, at which point you will be refunded or you can increase the bid.</div>
<div>Partially Outbid
</div>
<div>Day 3</div>
<div>Looking at our LexCorp bids, the bottom one has a status of “Partial”. That is because there are enough bids on the book to clear only part of this bid.</div>
<div>Let’s bump up our bid to $1.05.</div>
<div>Our ticket is loaded. Note that the bid is no longer $1.00 but $1.01. We can no longer place bids at $1.00 because they would automatically fall below the cut off line.
</div>
<div>$10,100</div>
<div>For now, we are just going to up our bid to $1.05 and submit it. Remember that your wallet is attached and will be debited a further 500 USDC.
</div>
<div>$10,100.00
</div>
<div>If future bidding encroaches on the $1.05 level, the second bid being the later bid, will get knocked out first.</div>
<div>Let’s go back to the LexCorp auction to see the changes.</div>
<div>Day 3
</div>
<div>Our bid has updated but you will notice that there are two bids for 10,000 units at $1.05 rather than one bid of 20,000 units. All bids are prioritized by price then time.</div>
<div>20,000 @ $1.06</div>
<div>$1.06</div>
<div>$1.07</div>
<div>20,000 @ $1.06
</div>
<div>20,000 @ $1.07
</div>
<div>30,000 @ $1.07
</div>
<div>$1.08</div>
<div>50,000 @ $1.06
</div>
<div>50,000 @ $1.08
</div>
<div>The clearing price is still $1.00, implying a valuation of $100m. Two things have changed. First, you can no longer place a bid at $1.00. Second, this auction will clear successfully in two days.
</div>
<div>50,000 @ $1.07
</div>
<div>As Day 3 ends, the auction is going to close successfully. That has started to attract larger players. $1.02 is coming up and some bidders are bumping up their bids.
</div>
<div>$1.09</div>
<div>As the “Outbid Bar” sweeps down the $1.00 line, a couple of bidders have also improved their bids. When the “Outbid Bar” reaches the bottom, all remaining bids will be refunded.
</div>
<div>10,000 @ $1.06</div>
<div>20,000 @ $1.08
</div>
<div>You also have two bids at $1.05. Since things are heating up and you would like to get an allocation, let’s bump those up to $1.10.
</div>
<div>40,000 @ $1.09
</div>
<div>40,000 @ $1.09
</div>
<div>20,000 @ $1.06
</div>
<div>40,000 @ $1.05
</div>
<div>$1.10</div>
<div>40,000 @ $1.06
</div>
<div>40,000 @ $1.07
</div>
<div>As Day 4 starts, you think that it might be time to pay attention to that 20k you have bid at $1.03. It is not in trouble just yet. But the bids are getting larger...
</div>
<div>We have a choice of letting the 20k bid at 1.03 expire and rebidding or we can just increase it to $1.10 like the other two. The upgrades and the new bids will compete equally for position.</div>
<div>Day 4
</div>
<div>Day 4</div>
<div>We'll start at the top.</div>
<div>Our ticket is loaded. We are just changing the bid price. We could change the amount, but not this time.
</div>
<div>$11,000</div>
<div>$11,000.00
</div>
<div>$110m
</div>
<div>Click "Increase Bid" to go to the Bidding Ticket.</div>
<div>10,000 @ 1.10</div>
<div>Our ticket is loaded. Let’s change the bid price. Of course, our wallet is attached so we will be asked to approve the extra 500 USDC for the bid on the wallet side.
</div>
<div>Our ticket is loaded. But notice there is no “Submit Bid” button. That's because the clearing price is already $1.03. The lowest we can bid now is $1.04. But we are going for 1.10.
</div>
<div>$22,000.00
</div>
<div>$22,000</div>
<div>Let's go back to the market. Click the LexCorp SPV link.</div>
<div>20,000 @ 1.10</div>
<div>The bids have remained in the same order since we started from the top. If we had done them in a different order, their priority would have shifted accordingly.</div>
<div>$1.12</div>
<div>20,000 @ $1.12
</div>
<div>20,000 @ $1.04</div>
<div>As Day 4 ends, we are seeing more and more upgrading of bids to keep up with the clearing price. Bidders are starting to reveal what they think the final bid should be.
</div>
<div>The bids move to their new position at the 1.10 bid line. For a moment, the clearing price remains at 1.03.
</div>
<div>$1.11</div>
<div>40,000 @ $1.10
</div>
<div>But the next bid pushes the clearing price to 1.04.
</div>
<div>10,000 @ $1.10</div>
<div>$104m
</div>
<div>20,000 @ $1.11</div>
<div>Explain that we are a Brokerage Firm that needs to onboard customers properly
</div>
<div>Character1a</div>
<div>The Auction</div>
<div>Intro to the idea of players and the auctions they are going to chase</div>
<div>Stand in page for picking a character and/or name</div>
<div>Explanation of the ticket and the need to attach a USDC Wallet to continue</div>
<div>Onboarding
</div>
<div>Table of Contents - Page 1</div>
<div>Another option for picking a character and/or name</div>
<div>Short intro to the Regulatory Structure underpinning the Game</div>
<div>Setup1</div>
<div>TheTicket</div>
<div>Start</div>
<div>Explain the rules for Qualified Purchaser/Qualified Investment Buyer</div>
<div>Character2</div>
<div>Why an Auction</div>
<div>Repeat of Character1 to make the buttons work</div>
<div>Spinning the narrative to get people hooked into the idea</div>
<div>Short explanation with the two possible outcomes</div>
<div>Warning</div>
<div>Character1</div>
<div>Show bids dropping in real time with some sort of representation of other players</div>
<div>Wallet reminder and submit button activated</div>
<div>Show what it looks like when an existing bid is upgraded in price and size</div>
<div>Ticket is set up for a 1,000 unit bid at $1.00, time to hit “Submit Bid"</div>
<div>Table of Contents - Page 2</div>
<div>BiddingUpdate2</div>
<div>UpdateTicket1</div>
<div>See the effect on the chart, then push button to return to Bidding Control Panel</div>
<div>BiddingUpdate1</div>
<div>Update to $1.05 for 10k units
</div>
<div>AuctionPositions1</div>
<div>A reminder that bids are funded with attached wallet, make submit button live</div>
<div>A look at the bidding control panel for the user and how to navigate it.</div>
<div>TheTicketSubmit</div>
<div>UpdateTicket4</div>
<div>A look at the bidding ticket but this time from the perspective of boosting a bid.</div>
<div>AuctionPositions2
</div>
<div>BiddingStart</div>
<div>UpdateTicket2</div>
<div>Go back to the Bidding Control Panel and select the second position for updating
</div>
<div>UpdateTicket3
</div>
<div>Table of Contents - Page 3</div>
<div>AuctionPositions8
</div>
<div>BiddingUpdate4</div>
<div>AuctionPositions3</div>
<div>AuctionPositions6</div>
<div>Activate button back to Lex Corp auction</div>
<div>Long scene showing the units becoming fully bid and low bids getting knocked out</div>
<div>AuctionPositions7
</div>
<div>UpdateTicket6</div>
<div>Make button active
</div>
<div>Book building to almost half subscribed, notice that another auction has closed</div>
<div>UpdateTicket5</div>
<div>Verified that the new bids are placed, back to the auction
</div>
<div>Highlight partially outbid position and select update bid
</div>
<div>Make submit button active</div>
<div>Tyrell Corp closed a penny below our bid so we are due a refund.</div>
<div>BiddingUpdate3</div>
<div>AuctionPositions5</div>
<div>AuctionPositions4</div>
<div>Update the bid so that it is out of the danger zone
</div>
<div>Reference to Vex Registry which is where all future activity on Tyrell will happen</div>
<div>Bump the first bid</div>
<div>Explain a bit about our options and the priority of the bids</div>
<div>As bids get knocked out at the bottom of the stack, lots of updating going on</div>
<div>Table of Contents - Page 4</div>
<div>Now are bids are at risk again…time to boost to $1.10</div>
<div>BiddingUpdate6</div>
<div>UpdateTicket9</div>
<div>Go to the second bid
</div>
<div>AuctionPositions9</div>
<div>BiddingUpdate5</div>
<div>AuctionPositions13</div>
<div>UpdateTicket8
</div>
<div>Go to first bid</div>
<div>Go to the third bid
</div>
<div>Bump the second bid
</div>
<div>Bump the third bid</div>
<div>AuctionPositions11</div>
<div>AuctionPositions10</div>
<div>AuctionPositions12
</div>
<div>UpdateTicket7</div>
<div>Not Yet</div>
<div>Comment</div>
<div>Comment
</div>
<div>BiddingUpdate7</div>
<div>Table of Contents - Page 5</div>
<div>Not Yet
</div>
<div>AuctionPositions14</div>
<div>Watch clearing price step from $1.03 to $1.05</div>
</div>
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